Retirement Planning Education, with Andy Panko

We're switching things up a bit! In this week's episode, guest host Mike Powers (from Manuka Financial; was a previous guest on the podcast) chats with the show's host, Andy Panko from Tenon Financial.In the episode, they talk about a wide array of retirement planning topics and Andy's view and approach toward them, such as tax planning, distribution strategies, investing, annuities, long-term care insurance, how to help advise people who are spending more than planned, what consumers often overlook in retirement planning and much more!Links in this episode:Andy' company's website - Tenon FinancialEd Slott's blog - The Slott ReportEd Slott's paid membership group for advisors - Elite IRA Advisor GroupMichael Kitces blog - hereJeff Levine's X (formerly Twitter) page - hereBob Keebler home page - hereNatalie Choate's book - Life & Death Planning for Retirement BenefitsInvestment News - www.InvestmentNews.comWall Street Journal - www.WSJ.comRoger Whitney's Podcast - The Retirement Answer ManJim Saulnier & Chris Stein's podcast - The Retirement & IRA ShowBenjamin Brandt's podcast - Retirement Starts Today RadioVictor Medina's podcast - Retirease RadioRob Berger's YouTube channel - hereMike's article about the questions to ask a prospective advisor - 9 Questions to Ask a Flat Fee (or any!) Financial Advisor as You Near RetirementMy article about why it's disingenuous for advisors to pretend they can quantify their value in - How Much Are Your Services Worth?To 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

Listener Q&A where Andy talks about: Can you retroactively increase your income for a prior tax year ( 2:37 )How to find a retirement planning tax specialist ( 8:16 )How the Medicare IRMAA premium surcharge income lookback works ( 17:24 )Determining how much mega back door Roth contributions to do ( 22:02 )Is it okay to employ your child part-time in your small business to give them earnings so you can contribute to a Roth IRA for them ( 28:07 )My thoughts on "bullet" maturity bond ETFs ( 31:30 )Whether reducing withdrawal rates or setting up a bucketing system eliminates Sequence of Returns Risk in retirement ( 43:27 )To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comLinks in this episode:List of flat-free retirement planner referrals - hereLink to the Facebook group post about Sequence of Returns Risk - hereMy YouTube video on Sequence of Returns Risk - 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 Jane (an anonymous name). They talk about a wide array of retirement planning topics such as when she started getting serious about retirement planning, what she wishes she would have known earlier, what she learned from seeing her parents go through a long term care event with her father, and a variety of financial topics such as Social Security, investing, how she and her husband plan to address their own potential long term care scenarios 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

Andy chats with fellow retirement planner Victor Medina, CFP®, RICP®, CELA® from Palante Wealth. 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 help advise people who are spending more than planned, what consumers often overlook in retirement planning and much more!Links in this episode:Victor's company's website - Palante WealthVictor's podcast - Retirease RadioSimon Sinek website - 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

I'm a buffoon and I missed including another important pro of doing an employer plan-to-IRA rollover in episode #110's list of pros and cons of rollovers. The additional potential pro is the ability to do Qualified Charitable Distributions ("QCDs") out of the IRA if you're at least 70 1/2 and charitably inclined.So, the recap the full list of pros (including QCDs) and cons of doing an employer plan-to-IRA rollover:Potential PROS of rolling over an employer plan to an IRA or Roth IRA:More investment optionsLikely lower fees and costsAccess to professional adviceBetter control over tax withholdingsMore withdrawal optionsLess Required Minimum Distributions ("RMDs") to manageLess financial clutterGain the ability to do Qualified Charitable Distributions ("QCD")Potential CONS of rolling over an employer plan to an IRA or Roth IRA:May lose the ability to take early distributions without penaltyMay lose the ability to cleanly do backdoor Roth IRA contributionsMay lose the ability to continue to delay RMDs from that plan (if you're still working at that employer)Lose the ability to take loans from the moneyMay lose the ability to take advantage of Net Unrealized Appreciation ("NUA") of company stockMay lose access to a stable value or managed income portfolio investment optionPotentially less creditor protectionLinks 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

In this discussion, the benefits of rolling over an employer plan to an IRA or Roth IRA are outlined. You can enjoy more investment options, lower fees, and better control over withdrawals. However, it's important to consider potential downsides. You may lose early distribution options and the ability to take loans from your funds. The podcast also delves into tax implications, legal protections, and effective strategies for managing your retirement funds. This blend of pros and cons makes for an enlightening conversation!

Listener Q&A where Andy talks about: How to know if your 401(k) is good ( 5:57 )Is it safer to bank at multiple banks instead of just one ( 14:33 )How much tax should you withhold from your Social Security ( 21:10 )Whether each spouse needs to take out excess Roth IRA contributions if only one spouse's income put their Married Filing Joint total income over the Roth IRA contribution eligibility threshold ( 25:20 )Should you hire an advisor for a one-time Roth conversion analysis and plan if they claim it can save you millions in lifetime taxes ( 27:20 )Should you own international stocks in your stock allocation ( 31:58 )To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com Links in this episode:Form W-4V to have federal taxes withhold from your Social Security payments - hereDinkytown online tax return calculator - hereMy YouTube video on fixing excess Roth IRA contributions - hereMy article about the futility of trying to quantify the value of Roth conversions - 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 real people (not advisors) doing their own retirement planning. In this episode, Andy talks with Ali & Alison Walker, who live in Arizona currently but lived and traveled abroad for a few years after retiring. They talk about a wide array of retirement planning topics such as when Ali & Alison started getting serious about retirement planning, what they wish they would have known earlier, how they planned for the non-financial aspects of retirement, and a variety of financial topics such as Social Security, investing, portfolio distributions, how they plan to address any potential long term care scenarios and more!Links in this episode:Ali & Alison's website - All Options ConsideredBetter Investing organization - hereTanja Hester's Our Next Life blog - 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.com

Andy chats with fellow retirement planner Mike Powers, CPA, PFS, CFP®, from Manuka Financial. 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 help advise people who are spending more than planned, what consumers often overlook in retirement planning and much more!Links in this episode:Mike's company's website - Manuka FinancialMichael Kitces website - hereMr Money Mustache blog - hereChooseFI financial independent community - hereEarly Retirement Now website - hereAllan Roth from Wealth Logic - hereDavid Hulstrom from Financial Architects - 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.com

Andy talks about the main points to consider when deciding when to start your Social Security retirement benefitsLinks in this episode:Tenon Financial June 2024 newsletter discussing how to optimize your Social Security claiming decision - hereRetirement Planning Education June 2024 blog discussing how to optimize your Social Security claiming decision - hereMy YouTube video - Calculating Your Social Security Primary Insurance AmountTenon 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