Retirement Planning Education, with Andy Panko

Andy chats with a real person (not an advisor) doing their own retirement planning. In this episode, Andy talks with Jane (anonymous name). They talk about a wide array of retirement planning topics such as dealing with the unexpected death of a spouse, self-educating on retirement and tax planning, doing a really large Roth conversion, Social Security survivor benefits, healthcare options in retirement and more!Links in this episode:The book Die With Zero - hereThe book The Psychology of Money - hereThe Bogleheads forum - hereTenon Financial monthly e-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.comTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Andy chats with fellow retirement planner Jamie Lima, CFP®, CDFA from Woodson Wealth Management and Allegiant Divorce Solutions. In this episode they talk about a wide array of retirement planning topics such as tax planning, distribution strategies, investing, annuities, long-term care insurance, how to know when people have enough to retire, what consumers often overlook in retirement planning and much more! Also, Jamie interjects his experience and knowledge around divorce-related matters in the retirement and financial planning processes.Links in this episode:Jamie's advisory company website - Woodson Wealth ManagementJamie's divorce planning company website - Allegiant Divorce SolutionJamie's podcast - Broke Up, Not Broke(n)FINRA's BrokerCheck - hereTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comTenon Financial monthly e-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

Andy talks about the basics of what to know regarding taxes and tax planning in retirement. Topics discussed include: What sources of income are taxable vs non-taxableRequired Minimum Distributions ("RMDs") from both your own accounts and inherited accountsHow to pay taxes in retirement: withholdings vs making estimated paymentsGifting tax-efficientlyMaking charitable donations tax-efficientlyOverview of common long-term tax planning strategies:Delaying Social Security and distributing from pre-tax accounts in the interimRoth conversionsTax loss and tax gain harvestingAsset "location" of which investments to hold in which account typesTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comLinks in this episode:The Rock Retirement Club - hereMy 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

Special edition episode in which Andy shares his views on whether the below 12 rules of thumb are accurate or not: You should always contribute at least enough to your employer plan (like a 401(k)) to get the full employer matchYou shouldn't help your kids pay for college if it means shorting your own financial security in retirementYou need at least $X million (where $X can be whatever amount someone wants to say) of savings to retireIn retirement, expect to need 80% of whatever your pre-retirement income was each yearThe 4% "rule" is a good tool for determining how much of a portfolio someone can distribution each year in retirementYour target stock allocation percentage should be 100 minus your ageYou should pay off your mortgage before retiringThe rule of 72 is a good tool to tell how long it will take to double your investmentYou should have an emergency fund of cash equal to three to six months of expensesPermanent life insurance should be avoided; only use term life insuranceThe owner of a large investment advisory firm says, "I hate annuities and you should too"That same person also says of his firm, "we do better when you do better"To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comLinks in this episode:My podcast about the 4% "rule" - hereMy 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

Listener Q&A where Andy talks about: How to keep track of Roth IRA contributions ( 6:45 )Considering getting employer-sponsored health insurance to supplement Medicare ( 12:15 )What to do with money from an RMD that you don't actually need ( 16:48 )Understanding the capital gain exclusion on selling your primary residence ( 19:58 )How to determine how much you can rent out a rental property for, and how to screen for tenants ( 23:42 )How to distribute from a portfolio that includes total bond market funds as its fixed income allocation ( 28:10 )Rolling over up to $35k of unused 529 funds into a Roth IRA ( 34:28 )To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comLinks in this episode:The Boomer Benefits Facebook group - hereMy podcast about the primary residence sale capital gain exclusion - hereTransUnion SmartMove website - hereMy 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

Andy chats with a real person (not an advisor) doing their own retirement planning. In this episode, Andy talks with Doug Mann. They talk about a wide array of retirement planning topics such as retiring and living abroad in Thailand and the unique planning considerations involved with being abroad full-timeLinks in this episode:Doug's travel/photography website - www.photomann.comThe Rock Retirement Club - hereRetirePlan website - hereDoug's episode on Roger Whitney's Retirement Answer Man podcast - hereTenon Financial monthly e-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.comTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Andy chats with fellow retirement planner Erik Barnes, CFP® from Retirement Portfolio Partners. In this episode they talk about a wide array of retirement planning topics such as tax planning, distribution strategies, investing, annuities, long-term care insurance, how to know when people have enough to retire, what consumers often overlook in retirement planning and much more!Links in this episode:Erik's company website - Retirement Portfolio PartnersThe Rock Retirement Club - hereTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comTenon Financial monthly e-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

Andy appeared as a guest/co-host on the September 23, 2024 episode of Rob Berger's YouTube live stream video series. In it, they discussed taxes and tax planning in retirement, as well as a host of other questions such as account rebalancing, Roth conversion analysis, and more! There was also plenty of live Q&A from Rob's loyal followers/watchers.For those who don't already know, Rob Berger has one of the best YouTube channels out there for straight-shooting, educational and informative content about retirement planning and investing. You can find a link to the channel and this specific episode below.Links in this episode:Rob's YouTube channel - hereMy YouTube episode with Rob - hereTenon Financial monthly e-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.comTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Listener Q&A where Andy talks about: Itemizing sales taxes on Schedule A of your tax return, particularly when living in two states during the year ( 6:30 )Considerations when deciding between taking a pension or its lump sum ( 11:51 )Should a recently widowed person take advantage of their last year of Married Filing Joint tax brackets and do a large Roth conversion or IRA distribution ( 25:03 )Understanding the pro rata rule when doing a Roth conversion when you have multiple IRAs and a 401(k) ( 31:40 )How the IRS knows if you didn't take Required Minimum Distributions ("RMDs") when you were supposed to ( 37:02 )How to ensure your Treasury interest received (including when received indirectly through a money market mutual fund) is properly reported as tax-free on your state tax return ( 41:36 )To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comLinks in this episode:IRS sales tax deduction calculator - hereRob Berger's YouTube channel - hereMy 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

Andy chats with a real person (not an advisor) doing their own retirement planning. In this episode, Andy talks with Alison (last name not disclosed). They talk about a wide array of retirement planning topics such as the unique planning considerations of having a spouse who's nearly 10 years younger and how an unexpected major medical condition a few years ago resulted in her being on long term disability, presumably through when she starts Social Security. They also talk about about what she wishes she would have known earlier and a variety of financial topics such as Social Security, how they got a late start in getting serious about saving for retirement and more!Links in this episode:Tenon Financial monthly e-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.comTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com